March 6 Cash 2,500 Unearned Fees 2,500 What is the best explanation for this journal entry? a. Performed services for which cash is owed. b. Received cash for services performed. c. Paid cash in advance for services to be performed. d. Received cash for services to be performed in the future.

Question

Joyce Solomon

Business

13 November, 05:11

March 6 Cash 2,500 Unearned Fees 2,500 What is the best explanation for this journal entry? a. Performed services for which cash is owed. b. Received cash for services performed. c. Paid cash in advance for services to be performed. d. Received cash for services to be performed in the future.

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Kasey Berger · Answer 1

d. Received cash for services to be performed in the future.

Explanation:

This form of biddings can easily be found in a double entry or a cash journal for credit received or cash for services been done or also services performed in the nearest future.

This is used in ledger management to balance and make cash entry and journals a great positive result in checks and balances.

It is also noted that the credit to the income statement for the service revenue gives rise to the net income. This generally increases accumulated money in the course of the business.